This post was sponsored on behalf of Mississippi Affordable College Savings (MACS) program. All opinions stated are, as always, 100% my own.
About 14 months ago we got a crash course in the cost of college. Even staying local and starting out at community colleges it is not something that you can afford to put off looking into. We have always had a rule that our children can be whatever they want to be when they grow up. We will support them no matter what career they pick. However, no matter what they want to be our rule is they will do it with a college degree.
Our household now consists of 2 full time college students, a 5th grader, and a kindergartner. My husband started it off with the decision to go to school and get a degree in engineering. And because misery loves company he talked me into going back and joining him in the madness.
Going to school full time while working full time is not easy. You end up feeling like you are doing a million things at once and doing them all poorly. But just over a year later, we are both still alive. My husband is transferring to a 4 year school in the fall and in the spring of next year, I will join him.
We are set to graduate in about 2 years.
Being in school full time has us both thinking about how we are going to pay for it when the time comes for the kids to go off to school. The 5 year old currently has dreams of being a mommy and a doctor. That is a lot of school to pay for.
While the little one has her heart set on being a doctor, the 10 year old has said for about 3 years now that he wants nothing more than to be a missionary. Again, lots of school.
So now that we are thinking about college, that doesn’t mean that we have to pay for it all with student loans. This is where MACS come in.
Saving for College with MACS
The Mississippi Affordable College Savings (MACS) program is Mississippi’s 529 college savings plan.
- MACS works like a Roth Retirement account, your contributions grow tax free along the way, and are tax-free when you use the money for college.
- PLUS for MS taxpayers there is a MS state tax deduction on the contributions you make to MACS each year, up to $20K for joint filers and $10K for single filers.
- Money saved with MACS can be used an accredited college or university in the country, and some abroad.
- MACS funds can be used for wide variety of college costs, tuition, room & board, computer, any supplies required by the school, etc.
- If you don’t use the savings, for example if your child gets a scholarship, you can roll the money to another child.
- MACS is managed by TIAA-CREF Tuition Financing. Inc., a national college savings plan leader that manages ten state-sponsored 529 plans across the country. MACS is offered through the Office of Mississippi State Treasurer Lynn Fitch.
Saving for College with the 5/29 Promotion
To celebrate “5/29 Day”, all throughout the month of May, if you open a MACS account with $100 and sign up for Automatic Contributions, MACS will add $50 after three months. If you already have a MACS account, and even if you already contribute regularly through automatic contributions, you can participate in this match offer too! To learn more and to enter go to MS529.
So now college isn’t looking like such a scary thing when the kids are ready.
For more info be sure to check out the MACS Enrollment Book with additional information on features and benefits.